IPM Test Flashcards
What is a project
It’s a temporary endeavor with a defined start and end aiming to create unique products, services, or results.
Project Baseline
It’s the initial approved plan for the project’s scope, schedule, and cost used to measure performance and track deviations.
Risk Impact vs. Risk probability
Risk Impact
it’s about how bad things could get if something goes wrong..
While Risk Probability is the likelihood of the risk occurring
What is the Triple Constraint
The three key T- constraints are scope, time, and cost. Fact about them, if a change in one occurs, it affects all of them
Planned V vs. Actual V vs. Earned V
Planned V is the budgeted cost of the scheduled work
Actual V is the actual cost of the completed work.
Earned V is the value of work that’s is actually completed.
Who are stakeholders
They are individuals or groups with an interest in the project and it’s outcomes.
Examples :
• Customers
• Employees
• Managers
• Investors
• Suppliers
• Government agencies
• Communities
What is Project Scope Management
It’s about defining and controlling what is included and excluded from the project
Key processes:
• Planning scope management
• Collecting Requirements
• Defining scope
• creating the WBS
• Validating scope
• Controlling scope
What is a project charter
It’s a formal document that authorizes the project and granting the project manager authority over resources.
Key elements:
• Project title & description
• Project objectives
• Project scope
• Key stakeholders
• Project manager & authority
• Budget and resources
• Milestones and timelines
• Risks and assumptions
What is the project life cycle & phases
It’s a series of phases a project goes through from start to end.
Phase:
• Initiating
• Planning
• Excuting
• Monitoring & controlling
• Closing
